Get a secured credit card
- A secured credit card works just like a regular credit card with one major difference; you have to make a deposit. So, you would make a deposit, typically $300-$2,000. You then have an available balance equal to that amount.
- You get your money back when you cancel the card or, sometimes, after you establish a history of on-time payments with that creditor.
- Your payment activity is reported to the credit bureaus just like a regular credit card. No one can tell that it's a secured card. Keep the card until you can qualify for an unsecured card and then cancel the secured card.
Get a loan
- Here is a trick real estate investors have been using for years: Deposit $1,000 in a savings account. Then take out a loan against that account; the account will be frozen. Take that $1,000 loan and open up an account at a different bank. Do the same thing. Two or three loans are enough.